The Government Service Insurance System (GSIS) announced today that in addition to the grant of an emergency loan for members affected by Typhoon ‘Sendong’, the GSIS Board extended a moratorium on the payment of their outstanding loans as well.
“The moratorium will enable Sendong-hit victims to use the deferred payments on their outstanding GSIS loans for more urgent needs such as repairing damaged properties brought about by the typhoon,” GSIS President and General Manager Robert G. Vergara said.
All active members who were granted emergency loan as a result of Typhoon Sendong are qualified to an automatic three-month moratorium or deferment of loan repayments, without interest and penalties, for the months of January, February and March 2012.
Members who were granted emergency loans as a result of Typhoon Sendong and pensioners residing in Cagayan de Oro and Iligan may apply for the grant of another nine month-moratorium, from the period April to December 2012.
To benefit from the three-month moratorium are GSIS emergency loan grantees in Negros Oriental, Bukidnon, Misamis Oriental, Lanao Del Norte, Agusan Del Sur, Surigao Del Sur, Campostela Valley, Davao Del Norte, Misamis Occidental, Zamboanga Del Norte, and Lanao Del Sur.
Loans covered under the three-month moratorium are housing loan, consolidated loan, eCash advance, policy loan, and emergency loan. These loan accounts should be without record of unpaid amortization for more than six months as of December 31, 2011, and granted on or before December 31, 2011.
On the other hand, loans covered under the nine-month moratorium are pension loan; loans under the Choice of Loan Amortization Schedule for Pensioners (CLASP); housing loan, consolidated loan, eCash advance, policy loan, and emergency loan.
While no application is required for the three-month moratorium, the nine-month moratorium has to be applied for. Members and pensioners need to file their applications together with a picture or proof showing the damage brought by the typhoon.
Members who want to avail themselves of the extended moratorium have until February 29, 2012 to apply. A total of 54,343 members are scheduled to benefit from the program.
“Our members and pensioners can rest assured that they can rely on their pension fund in times of their greatest need”, Vergara said.
For inquiries and details about the moratorium, they may visit www.gsis.gov.ph or the nearest GSIS Branch in their area.